113 HR 719 IH: Capital Access for Small Businesses and Jobs ActU.S. House of Representatives2013-02-14text/xmlENPursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.I113th CONGRESS1st SessionH. R. 719IN THE HOUSE OF REPRESENTATIVESFebruary 14, 2013Mr. King of New York
(for himself, Mr. Sherman,
Ms. Bonamici,
Mr. Bishop of New York,
Mr. Hanna,
Mr. Jones,
Mr. Loebsack,
Mr. Meeks,
Mr. Michaud,
Ms. Norton,
Ms. Pingree of Maine,
Mr. Polis,
Mr. Posey,
Ms. Waters, and
Mr. Blumenauer) introduced the
following bill; which was referred to the Committee on Financial
ServicesA BILLTo clarify the National Credit Union Administration
authority to improve credit union safety and soundness.1.Short titleThis Act may be cited as the
Capital Access for Small Businesses
and Jobs Act.2.Improving credit
union safety and soundnessThe
Federal Credit Union Act (12 U.S.C. 1751 et seq.) is amended—(1)in section
107—(A)in paragraph (16),
by striking and at the end;(B)in paragraph (17),
by striking the period and inserting ; and; and(C)by adding at the
end the following:(18)to receive payments on uninsured non-share
accounts described under section 216(o)(2)(D), subject to such terms, rates,
and conditions as may be established by the board of directors, within
limitations prescribed by the Board.;
and(2)in section
216—(A)in subsection (b)(1)(B)(ii), by striking
must rely and inserting rely predominantly;
and(B)in subsection (o)(2)—(i)in
subparagraph (B), by striking and at the end;(ii)in
subparagraph (C)(ii), by striking the period and inserting ;
and; and(iii)by
adding at the end the following:(D)with respect to any insured credit union
other than a low-income credit union, includes uninsured non-share accounts as
authorized by the Board, that—(i)do
not alter the cooperative nature of the credit union;(ii)are subordinate
to all other claims against the credit union, including the claims of
creditors, shareholders, and the Fund;(iii)are available to
be applied to cover operating losses of the credit union in excess of its
retained earnings and, to the extent so applied, will not be
replenished;(iv)if they have a
stated maturity, have an initial maturity of at least 5 years;(v)if they have a stated maturity, the net
worth value of such accounts may be discounted at the discretion of the Board
when the remaining maturity is less than 5 years;(vi)are subject to disclosure and consumer
protection requirements as determined by the Board;(vii)are offered by a
credit union that is determined by the Board to be sufficiently capitalized and
well-managed; and(viii)are subject to
such rules and regulations as the Board may
establish..